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Gadjah Mada International Journal of Business

GAMAIJB
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Published by Universitas Gadjah Mada

ISSN : 14111128 EISSN : 23387238 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

Gadjah Mada International Journal of Business (GamaIJB) is a peer-reviewed journal published three times a year (January-April, May-August, and September-December) by Master of Management Program, Faculty of Economics and Business, Universitas Gadjah Mada. GamaIJB is intended to be the journal for publishing articles reporting the results of research on business, especially in the context of emerging economies. The GamaIJB invites manuscripts in the various topics include, but not limited to, functional areas of management, accounting, international business, entrepreneurship, business economics, risk management, knowledge management, information systems, ethics, and sustainability.

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Articles 617 Documents

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SIZE EFFECT AND STOCK BEHAVIOR DURING THE EXPANSION AND CONTRACTION PHASES OF ECONOMIC CYCLE: An Empirical Evidence from Indonesian Stock Market Marwan Asri
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Banz (1981) and Reiganum (1981) claim that, in terms of returncreation, small firms tend to perform better than large firms. They implicitly claim that the phenomena (which is known as size effect) is stable and exists over the period of examination. This study intends to investigate the existence of size effect in Indonesian market and more specifically, to test whether stages of economic cycle (expansion and contraction stages) determine the existence of the effect. The results of the study show that size effect does exist in the market for the whole period of observation (1991-2001). However, when the period is divided into two parts according to the stage of economic cycle, the statistical analysis results are not supportive to the conclusion about the size effect.

THE HOUR TO UNDERSTAND AND FAMILIARIZE WITH CULTURAL SETTINGS FOR MARKETING IN THE THIRD MILLENNIUM Wachinga Gikonyo Simon
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Much of the literature about culture is related to the crafting of strategic organizational culture. This is viewed as a lee-way to attainment of competitive advantage in the field of quality production at the expense of the impact that culture could have in not only influencing the consumerbehavior but more importantly in designing and planning marketing strategies in the era of globalization.This paper, therefore, undertakes to examine various cultural settings and along which their implications will be dealt with in detail in order to display the interactive relationship that prevails between culture and its attributes, and consumer behavior on one hand, and the implication of their interaction to strategize for global market opportunities by avoiding culture-marketing clash on the other hand. This paper will not provide a set of proposed strategies that should be adopted by a global marketer in order to avoid the cultural dilemmas. At best it will attempt to pin-point those areas of cultural settings that calls for intensive if not extensive understanding and familiarizing at the same note in this critical era of market competition as we head for the yet to be defined the third millennium.

AN EMPIRICAL EXAMINATION OF THE DIVIDEND INFORMATION CONTENTS IN THE BALANCE SHEET: A Signaling Approach* R. Agus Sartono; Anna Maria Sri Asih
Gadjah Mada International Journal of Business Vol 4, No 3 (2002): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study examines whether the changes in the financial statements and dividends can together provide a better information transmittal system to deliver missing private information on the firm using Indonesian firms as the sample. In doing so, this study consider three components in evaluating the dividend signaling theory: the expected content favorableness, the sign of dividend change, and the role of dividend signal. Thefinding shows that in Indonesia, the market reactions to the dividend announcements depend on the role of dividend signals, whether it is confirmatory, clarificatory, or unclear. The other finding shows that this market is more concern to the content expected favorableness rather than to the dividend sign.

THE IMPACT OF BANK RESTRUCTURING ANNOUNCEMENT ON THE BANKING STOCK PRICES: The Cases of Indonesia’s Banking Reforms on March 13, 1999, and The Issuance of Government Bonds on May 28, 1999 Muhammad Fendi Susiyanto
Gadjah Mada International Journal of Business Vol 1, No 2 (1999): September
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study is an event study that aims to investigate how successful the banking reforms measures that has already been done by the Indonesian government in order to strengthen its banking system. There were two events to be investigated in this study, first (1) The banking reforms announcement on March 13, 1999 which consists of the closure of 38 private banks, the taken-over of 7 private banks, 9 private banks will be recapitalized, and let 73 private banks to continue their operation without joining the recapitalization program; second (2) on May 28, 1999 Minister of Finance issued government bonds amounted to Rp 103,831 trillion to complete the private banks’ recapitalization, and also issued the other government bonds to repay the obligations of frozen commercial banks’ and rural banks’ regarding its liquidity support, to Bank Indonesia amounted to Rp 53,779 trillion.These two events above, are expected to be good news or favorable information for investors on the Jakarta Stock Exchange (JSX), and should be responded positively by investors which indicates significantly increases on banking stocks after the event dates.Thirteen samples of banking stocks which were listed on the Jakarta Stock Exchange (JSX) at the beginning of 1997 were used to investigate the reaction of banking stocks around the dates of these two events. By using the paired-samples mean difference test, we did not find significant differences between abnormal returns before and after the event dates. Furthermore, the cumulative abnormal return of banking stocks around the banking reforms announcement on March 13, 1999 and the issuance of government bonds announcement on May 28, 1999 were decreasing gradually until it reached the negative area. Trading Volume Activity (TVA) test, on the banking stock volume around the banking reforms announcement on March 13, 1999 has found that TVA of banking stocks after the event date was significantly greater than TVA of banking stocks before the event date. The result was not found on the issuance of government bonds event.In general, from these results, it can be concluded that the banking reforms measures done by the government was not successfully implemented from the market’s point of view.The abnormal return tests have been conducted, yet it is still found a significant abnormal return around both the banking reforms announcement on March 13, 1999 and the issuance of government bonds announcement on May 28, 1999. These findings did not support the semi-strong efficiency of the Jakarta Stock Exchange (JSX).

THE RELATIONSHIPS AMONG DIFFERENT PERFORMANCE MEASURES IN INDONESIAN RETAIL CONTEXT Agus w. Soehadi
Gadjah Mada International Journal of Business Vol 4, No 2 (2002): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Despite research into the links between market orientation and firm performance, research into the detail different measures of performance has been limited. This study develops different measures of performance in retail business and examines their relationship with market orientation. The results suggest that market orientation positively relate to nonfinancial indicators. Also, indirect nonfinancial indicator can be treated as dominant mediator for the relationship between market orientation and financial indicator. Further, the findings suggest that different types of performance measurement affect the magnitude of market orientation and performance association.

Perceived Fairness, Emotions, and Intention of Fast Food Chain Restaurants Customers in Indonesia Hety Budiyanti; Shine Pintor Siolemba Patiro
Gadjah Mada International Journal of Business Vol 20, No 2 (2018): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study aims to investigate interrelationships among perceived service fairness, emotions, and behavioral intentions in a fast food chain restaurant context. we use terms that are commonly use on the study of fairness or justice perception. This study uses purposive sampling and the survey method to generate our sample which consists of 800 respondents from big cities in Indonesia, namely: Jakarta, Semarang, Surabaya, Medan, and Makassar. The data are analyzed using Structural Equation Modeling (SEM). The results show different roles for each fairness perception in relation to peoples’ emotions and behavioral intentions, based on the Mehrabian-Russel model. Three fairness variables (price fairness, outcome fairness and interactional fairness) have positive and significant effects on customers’ positive emotions, while, procedural fairness does not influence the formation of a positive emotion. Furthermore, a positive emotion has a positive influence on a customer’s behavioral intention. Data collected in this study are limited to the context of the restaurant industry, therefore, precaution must be taken when generalizing these results to other industries. The results of this study can serve as guidelines for managers in the restaurant industry to develop effective and efficient strategies for ensuring their services’ perceived fairness and its impact on both customers’ retention rates and the companies’ financial gains.

Financial Flexibility as an Investment Efficiency Factor in Asian Companies Victoria Cherkasova; Evgeny Kuzmin
Gadjah Mada International Journal of Business Vol 20, No 2 (2018): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study explores the impact of a company’s financial flexibility on the effectiveness of its investments.The number of companies that have financial flexibility was calculated with the application of thespare debt capacity method. The research identifies the impact of financial flexibility on investment activity and on the level of suboptimal investments. The data from 1,736 companies in theAsian region, during the 2005-2015time period, are presented. The Asian region has unique institutional, economic and commercial environments that present a great basis for this paper. The results of the research reveal that financially flexible companies spend more on their investment expenditure and conduct more effective investment policiesby reducing the level of over- and underinvestment. Financial flexibility helps companies to make effective investments during a crisis period, but the difference in the flexibility between developed and developing countries and between large and small companies was not observed.

Modeling of Stochastic Volatility to Validate IDR Anchor Currency Didit Budi Nugroho; Tundjung Mahatma; Yulius Pratomo
Gadjah Mada International Journal of Business Vol 20, No 2 (2018): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study aims to assess the performance of stochastic volatility models for their estimation of foreign exchange rate returns' volatility using daily data from Bank Indonesia (BI). The model is then applied to validate the anchor currency of Indonesian rupiah (IDR). Two stylized facts are incorporated into the models: A correlation between the previous returns and their conditional variance, and return errors following four different error distributions namely Normal, Student-t, non-central Student-t, and generalized hyperbolic skew Student-t. The analysis is based on the application of daily returns data from nine foreign currency selling rates to IDR from 2010 to 2015, including the AUD, CHF, CNY, EUR, GBP, JPY, MYR, SGD, and USD. The main results are: (1) Mixed evidence of positive and negative relationships between the return and its variance were found, especially significant correlations being found for the IDR/AUD, IDR/CHF, IDR/JPY, IDR/SGD, and IDR/USD returns series; (2) the model with the generalized hyperbolic skew Student's t-distribution specification for the returns error provides the best performance; and (3) anchoring the IDR to established hard currencies is more appropriate than anchoring it to other currencies.

Mediation Effects of Subjective Norms on the Relationship between Career Advancement and Job Characteristics and Knowledge Sharing Behavior among the Tanzanian Healthcare Professionals Mohamed Abbasi Balozi; Siti Zubaidah Othman; Mohd Faizal Mohd Isa
Gadjah Mada International Journal of Business Vol 20, No 2 (2018): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This paper intends to examine the mediating effects of subjective norms on the relationship between career advancement and job characteristics and knowledge sharing behavior. Based on the social exchange theory, we establish a research model which contains job and organizational factors. We distributed 650 questionnaires, but only 439 questionnaires were returned and usable. The hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM). The study examines knowledge sharing behavior and its determinants. The results reveal that career advancement, job characteristics and subjective norms are positively and significantly related to knowledge sharing behavior. The findings depict that subjective norms have a partial positive and significant mediating effect on knowledge sharing behavior. This paper intends to identify knowledge sharing behavior and its determinants in Tanzanian healthcare institutions and among healthcare professionals. This is because there are only a few such studies in the context of Tanzania; therefore, this study offers a theoretical foundation for future studies and practical implications for administrators and practitioners.

Exploring Stakeholders’ Support in an International Equity Placement Strategic Alliance Harimukti Wandebori; Harm-Jan Steenhuis; Aard J. Groen
Gadjah Mada International Journal of Business Vol 20, No 2 (2018): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

An International Equity Placement Strategic Alliance (IEPSA) is a strategic alliance of shared ownership between partners of different nationalities. In 1998, the Indonesian government initiated the IEPSA to privatize its State-Owned Enterprises (SOE). Problems arose due to the lack of stakeholders’ support, although it was able to improve the performance of the SOE. Variables within the stakeholders’ support and the relationship among stakeholders were the keys to bring the IEPSA into prevalence; they comprised of its transparency, share price, the degree of the internal relationship, fulfilment of the budget deficit, company restructuring, unprecedented moment, restricted shares in the market, the existence of the floor price, and the plan for the IEPSA. The research reveals that the dimensions of the share price and the degree of the internal relations are the required bases for the government to formulate and implement a strategy to secure the stakeholders’ support (involvement) using the matrix of a general strategy to secure their support.

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